Merger concerns, Juul vaping scrutiny

Marcus Wolf of German e-cigarette manufacturer Eazzi tests a new vaping cigarette at the Eazzi headquarters in Gelnhausen, Germany, January 29, 2019.

Kai Pfaffenbach | Reuters

Piper Jaffray lowered its rating of tobacco company Altria to neutral from overweight due to rising concern about its potential merger with Philip Morris, as well as the increasing regulatory scrutiny of JUUL and vaping products in general.

“We have less confidence in Altria’s outlook following company discussions between Altria and [Philip Morris],” Piper Jaffray analyst Michael Lavery said in a note to investors Monday. “We do not know the terms of a deal, if one happens, but any interest in a deal without a premium…